The Huron Company keeps a petty cash fund of ( $ 80 ) On 30 June the fund contained cash of ( $ 36 87 ) and these petty cash receipts Required a If the business ' fiscal year ends 30 June should the petty cash fund be replenished on 30 June Why b How much cash is needed to replenish the petty cash ...

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The Huron Company keeps a petty cash fund of ($ 80). On 30 June the fund contained

Question:

The Huron Company keeps a petty cash fund of $\$ 80$. On 30 June the fund contained cash of $\$ 36.87$ and these petty cash receipts:

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Required:
a If the business' fiscal year ends 30 June should the petty cash fund be replenished on 30 June? Why?
b How much cash is needed to replenish the petty cash fund?
c Prepare entries in the business' accounts to record the petty cash payments.

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